Cuban Currency & Money in Cuba Guide [2026]

Cuba’s currency situation has changed dramatically over the past few years. What used to be a confusing dual-currency system has officially become a single-currency country again.  Kind of. There’s still the complication of foreign currency being used.  And of course, like anything in Cuba, it doesn’t mean paying for things in Cuba is straightforward.  If you’ve read other blog posts mentioning CUCs, fixed exchange rates, or simply “bring dollars and you’ll be fine,” much of that information is outdated and just plain wrong.  In this guide, I’ll explain what currency Cuba uses in 2026, what happened to the CUC, how exchange rates actually work in 2026, whether you can use foreign currency in Cuba, and whether Cuba is still a cash country.  If you understand this post, then everything else about money in Cuba becomes much easier.

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The Official Currency of Cuba: The Cuban Peso (CUP)

The only official currency in Cuba today is the Cuban Peso, usually abbreviated as CUP.  It’s often simply called “the peso.” If someone says a price without specifying a currency, they are almost always referring to CUP.  Unless they’re trying to scam you.  (rare, but it happens around the world).  And that’s my RULE NUMBER ONE for money and travel.  ALWAYS CONFIRM THE CURRENCY as well as the price.

Now remember what I said above.  Just because the peso is the only official currency in Cuba doesn’t mean that it’s the only one you can use.  There’s more on this soon, but let’s figure out the peso first.

Cuban pesos are used for:

• Salaries
• State services
• Transport
• Restaurants
• Accommodation
• Everyday purchases

Cuban Peso Notes and Coins

Cuban pesos come in both notes and coins.

Notes: 1000, 500, 200, 100, 50, 20, 10, 5, 3, and 1 CUP
Coins: 1, 3, and 5 CUP (plus smaller denominations you’re unlikely to use)

The 3-peso note and coin are particularly Cuban — and you’ll almost certainly come across them.

The Cuban Peso is a closed currency.

A closed currency is one that usually cannot be bought, sold, or traded outside of the country.  So you can’t pick up Cuban pesos before you leave home, you need to either get them out of an ATM (read my guide to ATMs in Cuba here) or at an exchange when you arrive.

TOP CUBA TRAVEL TIP

Reduce the amount of cash to take to Cuba

Unless you want to carry a lot of cash around in Cuba, then try pre-booking your transport and tours, pay ahead of time on a card, and save your cash.

Prebook Transport & Tours with Civitatis

What happened to the CUC, Cuba’s “other currency”?

Until January 2021, Cuba operated under a dual-currency system:

• CUP (used mainly by Cubans)
• CUC (Cuban Convertible Peso, mainly used by tourists)

That system officially ended in 2021.  CUCs are no longer valid. You cannot use them, exchange them, or pay with them.  Many travel articles still reference CUCs, which causes a lot of confusion. But today, there is only one official currency: CUP.

Understanding Cuba’s Exchange Rate (It’s not complicated, it’s just Cuba…)

While Cuba now has a single currency, it does not have a single exchange rate. 

Not even a single fixed official rate. 

Since 18th December 2025, there has been a new floating exchange rate, which is modified daily based on supply and demand, the intention of which was to “enable private and state-owned exporting companies and certain other entities to buy foreign currency at “competitive prices.”

Basically, it’s the Cuban Government trying to reduce the gap between the informal exchange rates and the official rates, which means that the public (that means you) will be able to sell your foreign currency to banks and the Cadeca at a better and much more attractive rate.

This means that there are now THREE official exchange rates in Cuba, each of which applies in different aspects.

What matters to you as a visitor mostly is the third one, the floating rate.

1. The existing fixed rate of US$1 to CUP24 (this is for centralized state allocations for goods and services considered essential, such as fuel, medicine, electricity, public transportation, and basic necessities)
2. The rate of US$1 to CUP120 (this is for certain entities with the capacity to generate foreign currency, particularly in the tourism sector)
3. The new floating rate (which is what most of the rest of the world uses) was launched on 18 December 2025 at US$1 to CUP410.  This is for individuals and non-state management entities. An update to this rate is published every day by Cuba’s Central Bank (BCC).  You can find it here.

The final exchange rate, the floating rate, means that the official rate is MUCH closer to the informal exchange rate, and it’s this one that you will get at the Cadecas. You will get this rate in a cadeca or a bank if you exchange cash, or if you use your card (not American, sorry), to get a cash advance.

If you’re using your card (again, not American) in an ATM you will get that second rate. US$1= CUP120.

The Official Government Exchange Rate (Floating)

This is the rate set by the Cuban government.  You’ll receive this rate, which, as I’ve said, is a floating rate, if you:

• Exchange money at a CADECA (official exchange office) using cash or your card.

This rate is stable on paper; it is a LOT better than it used to be, and it is a LOT closer to the informal rate.  Here’s an example:

Here are the exchange rates for Friday, February 20th 2026, on the Banco Central de Cuba website:

• $1 (USA) – 463 CUP
• $1 (CDN) – 338.15 CUP
• €1 (Euro) – 545.09 CUP
• £1 (GBP) – 623.41 CUP

Here are the informal rates of exchange: (taken from El Tocque)

• $1 (USA) – 505 CUP
• $1 (CDN) – 330 CUP
• €1 (Euro) – 560 CUP
• 1 MLC – 410 CUP

The Informal Exchange Rate

Alongside the official rate, there is an informal (sometimes called “street”) rate.

This rate:

• Is market-driven
• Fluctuates frequently
• Used to be significantly better than the official rate, but since 18 December 2025 has been much closer.

Most Cubans use this rate in daily life. Many visitors also exchange money informally because it stretches their budget considerably further.

What matters here is this: the exchange rate you use will dramatically affect how expensive Cuba feels.  You can track and see what the informal exchange rate is in Cuba using El Tocque.

Can You Use Foreign Currency in Cuba?

The Cuban Peso is the only legal national currency.  However, in practice, foreign currency, particularly:

• US Dollars
• Euros
• Canadian Dollars

Are all widely accepted in many situations, but that doesn’t mean that foreign currency is always the best option. 

In most cases, you will get better value by exchanging foreign currency into CUP and paying in pesos.  If you’re deciding what money to bring with you, read my full breakdown of what currency you should take to Cuba.

Is Cuba a Cash Country?

Yes. Cuba is still overwhelmingly a cash-based economy.  While card usage has expanded in recent years, (and this change with the floating rate and being able to use your card in a Cadeca means it is likely to continue) you should not expect Cuba to function like Europe or North America. 

If you have a card from a US Bank, it will NOT work in Cuba. 

The Wise and Revolut cards do NOT work in Cuba.

• Many private restaurants (paladares) only accept cash – my guide to paladares is here.
• Taxis and colectivos operate in cash – my guide to colectivos in Cuba is here.
• Casas particulares usually require cash unless prepaid – my guide to casa particulares is here
• Power outages can disable card machines and ATMs – my guide to ATMs in Cuba is here

If you are traveling from the United States, assume you will need to pay for everything in cash. US-issued credit and debit cards do not work in Cuba.  If you’re traveling from elsewhere, some foreign Visa and Mastercard cards may work.  Cash should be your primary method of payment.

If you want to pay for trips, transfers, and attractions by card in Cuba, use Civitatis.  They’re a Spanish company and have worked with local providers in Cuba (and other countries) for many years.

I go into full detail in my guide to cash vs cards in Cuba here.

How Pricing Works in Cuba

Prices in Cuba are listed in CUP.  Unless they’re listed in US Dollars.  Or Canadian. Or Euros. To get the best deal, you should always ask what the price is in CUP or Dollars.  And then decide how to pay.  Its your call.  Obviously, you need to understand the exchange rates.  (so get yourself a SIM or eESIM, so you always have them to hand.)

Checks are often produced in mulitple currencies. So make sure you’ve got your phone or calculator with you. And pick the currency that makes the most sense for you. Spoiler: 99% of the time it will be Cuban Pesos.

However, the exchange rate you use will determine how much you actually pay in real terms.

For example:

• Using the official (and card) rate may make Cuba feel more expensive.
• Using the informal and floating rate often makes everyday costs significantly lower.

This is why two travelers can visit Cuba at the same time and report completely different daily budgets.

If you’re trying to calculate how much you’ll actually spend, see my full guide on how much money you need for Cuba.

A Brief History (Why Cuba’s Currency Feels So Unusual)

Face it, everything about Cuba feels unusual and hard to get a grasp on, but the story of Cuba’s modern currency explains a lot of today’s confusion about Cuba’s currency and cash.

• 1993: US Dollars were legalized during the economic crisis after the collapse of the Soviet Union.
• 1994: The CUC (Convertible Peso) was introduced and eventually replaced the US Dollar in circulation.
• 1994–2021: Cuba operated under a dual-currency system (CUP and CUC).
• January 2021: The CUC was officially withdrawn. Cuba returned to a single-currency system.
• August 2022: The government devalued the Cuban Peso and adjusted the official exchange rate.
• December 2025:  Cuba adds a third Segment for official exchange rates and adopts a “floating exchange rate”.

Although Cuba technically has had one currency since 2021, the coexistence of multiple official and informal exchange rates continues to confuse and challenge visitors here.  There’s more on Cuba’s currency history here. 

Cuban Currency and You as a Traveler

If you take nothing else from this guide, remember this:

• The Cuban Peso (CUP) is the only official currency.
• The CUC no longer exists.
• The exchange rate you use matters enormously.
• Cuba is still largely cash-based.
• US bank cards do not work in Cuba.

Plan. Bring appropriate currency. Don’t rely on cards. And understand that flexibility is part of traveling in Cuba.

Guides to Currency, ATMs, budgeting, and paying for things in Cuba

I’ve got a lot of content here on Cuba’s Best about traveling to Cuba.  And there’s a lot of content about currency, paying for things, and how cash in Cuba works. Here’s the specific detail about that.

• An overview of Cuban Currency in 2026
• Using ATMs in Cuba
• What Currency to Take to Cuba in 2026
• How to send money to Cuba in 2026
• How much money to take to Cuba in 2026
• A brief recent history of the Cuban Currency
• What to do if you run out of cash in Cuba
• Cash v’s Cards in Cuba
• Understanding the Informal Currency Exchange in Cuba.

FAQs about Cuban Currency

Got questions about the Cuban Currency? Or want to know more about the currency in Cuba, and we haven’t answered your questions?  Check out our frequently asked questions about Cuba’s currency below, or ask us your own in the comments.  You should read our specific content about currency, payments, and cash in Cuba.

What is the currency in Cuba in 2026?

The Cuban Peso (CUP).

Can I buy Cuban Pesos before I travel?

No. The Cuban Peso is a closed currency and cannot legally be obtained outside Cuba.  Cuban money is not traded internationally and is known as a closed currency. You cannot buy Cuban currency outside of Cuba from a currency exchange.

Can I use U.S. dollars in Cuba?

Yes, in many situations, but you’ll often get better value by exchanging into CUP.

Do US credit cards work in Cuba?

No. Cards issued by US banks do not work in Cuba.

Do European or Canadian cards work?

Some do, particularly Visa and Mastercard, but acceptance is inconsistent, not least because of electricity outages brought on by fuel shortages.  It’s best to always carry cash.

Can I withdraw foreign currency from ATMs in Cuba?

No. Cuban ATMs dispense only Cuban Pesos.

Are Wise or Revolut cards accepted?

No. Wise and Revolt do not work in Cuba.

So what is MLC in Cuba?

MLC stands for “Moneda Libremente Convertible,” and it’s Cuba’s official digital currency.  1 MLC = 1 USD.  You can buy a prepaid MLC card (as a debit card) for places that don’t accept cards (often referred to as MLC or Dollar stores).

Can I buy an MLC Card in Cuba as a foreigner?

Yes.  You can buy MLC Cards as a foreign visitor to Cuba.  They are available in various denominations.  You can buy them with foreign currency or with a foreign credit or debit card (but not cards issued by US banks).  You buy fixed-amount cards, e.g., US $50, $100  $200, $500, and $1000.  There is a charge of US$5 for the card, so if you hand over US$50, you’ll get a card with US$45 of purchasing power on it.  An MLC card lasts for 5 years, and if you still have money on it when you get back to the airport, you can get the remaining balance refunded, if they Cadeca has enough cash to pay you out.

Where can I buy an MLC Card?

You can buy MLC Cards at the Airport Cadeca.

Final Words on Cuban Currency and Money in Cuba

Cuba’s currency system is far simpler than it was a few years ago, but it still isn’t simple. The country officially has one currency again and has since 2021. But exchange rates, infrastructure limitations, and card restrictions mean you need to think about money in Cuba differently than you would almost anywhere else.

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